Why does Germany have a system of universal higher education?

well-educated population generates a high GDP

Germany specializes in production of cars. Which statement is MOST LIKELY true?

Germany can produce vehicles more efficiently than others.

How do investments in capital goods help increase a country's GDP?

by improving efficiency of workers

Market-Mixed-Command-Which statement about the economies of UK and Germany is correct?

The UK and Germany are closer to mixed.

The EU would more likely set a trade embargo on outside country instead of tariff if goals

enforce a penalty against that country

Why is it economically important for UK to maintain 99% literacy rate?

EW=efficient, leading to more productive workforce

What is an example of an investment in human capital?

a company pays for workers to go to graduate school

How are the economies of the UK, Germany, and Russia different?

Russia's is more command-side than the UK and Germany.

How does investment in capital goods affect a nation's GDP?

causes the nation's GDP to rise

Germanys literacy rate is 99%. Based on this information, what can you conclude?

Germany's workforce has valuable human capital.

What is the purpose of a system of currency exchange?

to allow for trade between countries

Which of the following BEST explains why the euro was introduced in 1999?

encourage trade b/w member nations of the EU

How do investments in human capital help improve a nation's economy?

improving the job skills of the population

when a country invests in a service or product

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Europe's Economy Test

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Questions 22

Answers

1
Why does Germany have a system of universal higher education?
German people do not like to work in the industrial sector
Germany lacks a large industrial labor force
gov't encourages people to get jobs in other countries
well-educated population generates a high GDP
2
Germany specializes in production of cars. Which statement is MOST LIKELY true?
Germany has a low GDP and high unemployment.
Germany sells cars to domestic consumers for low prices.
Germany can produce vehicles more efficiently than others.
Germany has not natural resources that other countries need.
3
Why type of economy do the UK, Germany, and Russia all have?
mixed
pure command
traditional
pure market
4
How do investments in capital goods help increase a country's GDP?
by making it easier to export goods
by improving efficiency of workers
by improving the knowledge of workers
by making it easier to start new businesses
5
Market-Mixed-Command-Which statement about the economies of UK and Germany is correct?
The UK and Germany are both closest to market.
The UK closest to market and Germany is closest to command.
The UK and Germany are closer to mixed.
The UK closest to command and Germany is closest to market.
6
The EU would more likely set a trade embargo on outside country instead of tariff if goals
continue importing from that country
make its own economy more competitive
enforce a penalty against that country
keep prices in own economy steady
7
Why is it economically important for UK to maintain 99% literacy rate?
Educatedworkers often paid less bc employers pay 4 training
EW= efficient, leading to decreased demand of capitalgoods
EW paid less bc employers do not have to train
EW=efficient, leading to more productive workforce
8
Which natural resource do Germany, Russia, and UK all have large supplies of?
lumber
coal
gold
fish
9
Which of these European countries is NOT a member of the European Union?
Italy
Germany
France
Russia
10
What is an example of an investment in human capital?
company uses better materials to improve product quality
company hires a lobbyist to fight gov't regulations
a company pays for workers to go to graduate school
company buys new computer system to improve productivity
11
How are the economies of the UK, Germany, and Russia different?
Russia's is more market-side than the UK and Germany.
Germany's is more command-side than the UK and Russia.
Germany's is more market-side than the UK and Russia.
Russia's is more command-side than the UK and Germany.
12
Refugees can create economic crisis when enter new countries, what is a way to combat this?
reduce barriers for starting new businesses
invest in human capital
help companies invest in capital resources
take advantage of natural resources to create new jobs
13
How does investment in capital goods affect a nation's GDP?
causes the nation's GDP to fall
causes the nation's GDP to rise
causes the nation's GDP to cease to rise or fall at any rate
causes nation's GDP to rise and fall irregularly each year
14
Chalk and gypsum deposits found in the UK are sources of what type of resource?
natural resource
capital resource
human capital
entrepreneurship
15
Germanys literacy rate is 99%. Based on this information, what can you conclude?
Germany's businesses have valuable capital goods.
Germany's workforce has valuable human capital.
Germany has a low standard of living
Germany has a low GDP.
16
What types of economies do the modern states of Germany and Russia have?
pure market
mixed
traditional
pure command
17
Least restrictive-_______, quotas, and _________-Most restrictive (What goes in the 2nd blank?)
subsidies
standards
tariffs
embargoes
18
What is the purpose of a system of currency exchange?
to create demand for goods and services
to reduce production costs for businesses
to allow for trade between countries
to lower product prices for consumers
19
Which of the following BEST explains why the euro was introduced in 1999?
to serve as a check on growing power of NATO and SEATO
ensure the stability of democracies throughout Europe
encourage trade b/w member nations of the EU
prevent Euro nations from being in international conflicts
20
Least restrictive-___, quotas, ___-Most restrictive (What goes in the first blank?)
embargoes
subsidies
Tariffs
sanctions
21
How do investments in human capital help improve a nation's economy?
reducing competition b/w businesses
reducing the efficiency of production
improving the job skills of the population
improving access to natural resources
22
Specialization
when there is a sale
when a country pays another country to make a product
when a country invests in a service or product
creates a tariff on other countries

Europe's Economy Test Flashcards | StudBud